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Tata Steel Shares Hit 52-Week High After June Quarter Earnings

Tata Steel had posted a consolidated net loss of Rs 3,183 crore for the corresponding period a year ago, it said in a filing to the BSE.
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Tata Steel shares rose 4.15% to Rs 624.95 on the BSE
Tata Steel shares rose 4.15% to Rs 624.95 on the BSE
New Delhi: Tata Steel shares rose more than 4 per cent on Tuesday, a day after the company reported its return to profit in the quarter ended June 30, 2017. After making a positive opening, shares of the company further jumped 4.15 per cent to Rs 624.95 - a 52-week high - on the BSE or Bombay Stock Exchange. At the National Stock Exchange (NSE), Tata Steel shares gained 4.24 per cent to hit 
a one-year high of Rs 625.50.

Tata Steel on Monday posted a consolidated net profit of Rs 921.09 crore for the quarter ended June on the back of higher revenue from operations.

Tata Steel had posted a consolidated net loss of Rs 3,183 crore for the corresponding period a year ago, it said in a filing to the BSE.

"Our sales were up by 28 per cent on a y-o-y basis as the smooth ramp up of our Kalinganagar facility helped us increase our volumes and increase our market share," T V Narendran, managing director, Tata Steel India and South East Asia, said in a statement.

Consolidated revenue from operations during April-June quarter was at Rs 30,973 crore, registering an increase of 19 per cent.

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